Key findings (as at Q2 2026)
- NDQ is the BetaShares Nasdaq 100 ETF, charging 0.48% p.a. with approximately $8.6 billion in assets and 101 holdings.
- The Nasdaq-100 Index explicitly excludes financial companies and is heavily concentrated in US technology and consumer discretionary sectors.
- Trailing distribution yield is approximately 1%, paid semi-annual. Distributions are not franked and vary each period.
- NDQ is unhedged. AUD returns move with the AUD/USD exchange rate. Past performance is not a reliable indicator of future returns.
- General information only, not financial advice. Always read the relevant PDS before investing.
NDQ is the BetaShares Nasdaq 100 ETF and one of the most widely held US-exposure funds on the ASX. The NDQ ETF tracks the Nasdaq-100 Index, which contains the 100 largest non-financial companies listed on the Nasdaq Stock Market. For Australian investors, NDQ is the most direct way to access the household-name US technology companies in a single ASX-listed trade. The trailing distribution yield is approximately 1% as at Q2 2026; the fund charges 0.48% p.a. and holds approximately 101 positions across approximately $8.6 billion in assets. Whether the Nasdaq 100 ETF Australia option suits any individual depends on personal circumstances. This article is general information only, not financial advice.
This NDQ ETF review walks through what NDQ actually holds, what the Nasdaq-100 index methodology does and does not include, the fund's fees, its distributions, its historical returns (with the past performance disclaimer that applies to every figure here), and how it compares with three commonly discussed alternatives on the ASX: VGS (broad developed markets), BGBL (broad developed markets at a lower fee) and DHHF (a diversified all-growth single-fund option). The NDQ vs VGS comparison is the central question for many investors looking at NDQ for the first time, and there is a dedicated comparison at NDQ vs VGS.
At a glance
| Full name | BetaShares Nasdaq 100 ETF |
| Provider | BetaShares |
| Index tracked | Nasdaq-100 Index |
| Annual fee (MER) | 0.48% p.a. |
| Fee per $10,000 | $48/yr per $10,000 |
| Fund size | $8.6B |
| Holdings | 101 |
| Trailing distribution yield | 1% |
| Distribution frequency | Semi-annual |
| Currency hedging | Unhedged (AUD/USD exposure) |
| Geographic exposure | Predominantly United States |
| Listed since | 2015 |
| Data vintage | Q2 2026 |
Fee, fund size, yield and holdings data is reported from fund manager disclosures, reviewed quarterly. Past performance is not a reliable indicator of future performance. Tax treatment depends on your individual circumstances. Speak with a registered tax adviser.
What is the NDQ ETF?
NDQ is the ticker for the BetaShares Nasdaq 100 ETF, an Australian-domiciled exchange-traded fund listed on the ASX in May 2015. The NDQ ETF tracks the Nasdaq-100 Index, an index maintained by Nasdaq that selects the 100 largest non-financial companies listed on the Nasdaq Stock Market in the United States. The Nasdaq-100 is one of the most followed equity indices globally and is structurally different from broader US indices such as the S&P 500 in two important ways.
The first structural difference is the explicit exclusion of financial companies. Banks, insurance companies and other financial-sector businesses are not eligible for the Nasdaq-100 by index rule, regardless of size. This is the reason NDQ has no exposure to companies like JPMorgan Chase, Berkshire Hathaway or Goldman Sachs even though those companies are larger than many NDQ constituents.
The second structural difference is the listing requirement. Only companies listed on the Nasdaq exchange are eligible. Companies listed on the New York Stock Exchange are not included. In practice this means the Nasdaq-100 tilts heavily toward technology and growth-oriented companies, because those are the companies that have historically chosen to list on Nasdaq.
The result is that NDQ is not a "US shares" ETF in the broad sense. It is a concentrated, sector-tilted exposure to large US technology and consumer discretionary companies. This is the central feature of the fund, not a bug: the Nasdaq-100 index is designed to provide concentrated exposure to large, growth-oriented Nasdaq-listed companies.
NDQ holdings: what does it own?
As at Q2 2026 the top holdings of NDQ are Nvidia Corp (8.97%), Apple Inc (7.35%), Microsoft Corp (5.19%), Amazon.com Inc (4.66%), Alphabet Inc (3.78%), Micron Technology Inc (3.63%), Alphabet Inc (3.5%), Tesla Inc (3.38%), Broadcom Inc (3.26%), Advanced Micro Devices Inc (3.12%). The top 10 positions represent approximately 47% of the total fund. By sector, NDQ is heavily concentrated in Information Technology (around 56.5%), Communication Services (around 14.2%) and Consumer Discretionary (around 11.5%). Health Care, Consumer Staples and Industrials make up the bulk of the remainder. Financials are excluded entirely by index rule.
The concentration is worth understanding. Approximately 47% of the fund sits in just 10 companies, all US-listed and predominantly in technology. By contrast, the broader VGS holds 1,412 companies across 23 developed markets, with top 10 concentration of approximately 27%. This is a structural distinction, not a quality judgement: NDQ is more concentrated by design, and that is the central trade-off the investor is making.
Full live holdings, sector weights and overlap analysis with any other ETF are on the NDQ page. Holdings data is reported from fund manager disclosures, reviewed quarterly.
Concentration risk in NDQ
Concentration risk in NDQ shows up in three ways. First, sector concentration: with information technology near a third of the fund, NDQ moves more than the broad market in periods when technology stocks lead or lag. Second, single-stock concentration: the top five holdings alone represent a significant share of the fund, so a major drawdown in any of them flows through directly. Third, geographic concentration: NDQ is approximately 100% United States by geographic exposure, with no developed-market diversification across Europe or Japan. None of these are flaws in NDQ. They are the deliberate features of the Nasdaq-100 index methodology. Investors who hold NDQ as part of a portfolio commonly pair it with a broader global or Australian shares core that provides the diversification NDQ does not.
Are your ETFs overlapping?
Check how much your NDQ holding overlaps with VGS, IVV or BGBL before you invest. Free on ETFLens.
Check ETF Overlap Free →NDQ fees and costs
NDQ charges a management expense ratio of 0.48% per year. On a $10,000 holding that is $48/yr per $10,000. On a $100,000 holding, the headline cost is approximately $480 per year. The fee covers the cost of running the fund: index licensing paid to Nasdaq, custody of the underlying US shares, fund administration, ASX listing costs and the management margin paid to BetaShares.
By comparison, broad-market global options charge materially less. VGS charges 0.18% p.a., BGBL charges 0.08% p.a. and the broader US S&P 500 ETF IVV charges 0.04% p.a.. NDQ's higher fee reflects the Nasdaq-100 index licensing cost; this is a real ongoing cost, not a margin extracted by the provider above broad-market alternatives. Whether that cost is acceptable depends on whether the deliberate Nasdaq-100 exposure is what the investor is trying to obtain. The Fee Calculator shows how the gap between, say, 0.48% and 0.18% compounds over long horizons.
NDQ distributions and yield
NDQ pays distributions semi-annual. The trailing distribution yield as at Q2 2026 is approximately 1%. Distributions vary each period based on the dividends received from the underlying Nasdaq-100 companies and are not guaranteed. The yield reflects the fact that the underlying companies are predominantly large US technology companies, many of which historically pay lower dividend yields than the broader US market or Australian market. Past performance is not a reliable indicator of future returns.
Because the underlying companies are US-listed and US-domiciled, distributions from NDQ are not franked. Australian resident investors do not receive franking credits attached to NDQ distributions. Foreign tax credits may apply depending on individual circumstances. Tax treatment depends on your individual circumstances. Speak with a registered tax adviser before relying on any foreign tax credit estimate.
NDQ historical performance
Historical total returns reported by BetaShares as at Q2 2026 are approximately 24.9% over one year, 24.2% p.a. over three years and 16.5% p.a. over five years (annualised, total return including distributions, after the stated MER). Past performance is not a reliable indicator of future returns. Historical total returns include both price appreciation and reinvested distributions; they are presented here as a record of what has occurred, not a forecast of what will occur.
Two observations on the history. First, the strong reported returns over the last several years occurred during a period in which large US technology companies led global equity markets. The same concentration that delivered those returns historically also amplified drawdowns in periods such as 2022, when NDQ fell materially more than the broad global market. Past performance is not a reliable indicator of future returns.
Second, the AUD figures shown for NDQ are partly the result of the AUD/USD exchange rate moving over the same period. NDQ is unhedged, so its AUD returns reflect both the underlying US share price movement and the currency. When the Australian dollar weakens, NDQ returns in AUD terms are boosted; when the Australian dollar strengthens, they are reduced. The hedged equivalent HNDQ isolates the underlying market movement from the currency at the cost of an additional hedging spread. Past performance is not a reliable indicator of future returns. General information only, not financial advice.
NDQ vs VGS: key differences
NDQ and VGS are routinely compared because they are both unhedged international equity ETFs widely held by Australian investors. They are very different products in practice.
| NDQ | VGS | |
|---|---|---|
| Provider | BetaShares | Vanguard |
| Index | Nasdaq-100 | MSCI World ex-Australia |
| Annual fee | 0.48% p.a. | 0.18% p.a. |
| Holdings | 101 | 1,412 |
| Fund size | $8.6B | $40.9B |
| Trailing distribution yield | 1% | 1.6% |
| Geographic exposure | ~100% United States | 23 developed markets (US ~72%) |
| Financials included | No (excluded by index) | Yes |
| Top 10 concentration | 47% | 27% |
ETFLens calculates approximately 91% holdings overlap between NDQ and VGS based on top holdings. The overlap exists because the largest Nasdaq-listed companies (Nvidia, Apple, Microsoft and so on) are also the largest weights in the MSCI World ex-Australia index used by VGS. The difference is that VGS dilutes those same names across approximately 1,412 companies and 23 developed markets, while NDQ concentrates the portfolio in approximately 101 non-financial Nasdaq-listed companies. Past performance is not a reliable indicator of future returns. Whether the deliberate Nasdaq-100 tilt is appropriate for any individual depends on their objectives, time horizon, tax position and risk tolerance. General information only, not a recommendation.
For the full side-by-side, see the dedicated NDQ vs VGS comparison page and the existing post NDQ vs VGS.
NDQ vs BGBL and DHHF
Two other commonly considered ASX-listed ETFs are BGBL (BetaShares Global Shares ETF) and DHHF (BetaShares Diversified All Growth ETF). They are not direct substitutes for NDQ but they sit in adjacent corners of an Australian investor's global allocation.
| NDQ | BGBL | DHHF | |
|---|---|---|---|
| Index/strategy | Nasdaq-100 | Solactive GBS Developed Markets ex-Aus | Diversified all-growth (multi-asset) |
| Annual fee | 0.48% p.a. | 0.08% p.a. | 0.19% p.a. |
| Holdings | 101 | 1,187 | 6 |
| Fund size | $8.6B | $4.2B | $1.3B |
| Geographic exposure | ~100% United States | 23 developed markets | Global incl. Australia & emerging markets |
BGBL is the closest broad-market equivalent to VGS. Both BGBL and VGS provide diversified developed-market equity exposure at a fraction of NDQ's fee. ETFLens calculates approximately 91% holdings overlap between NDQ and BGBL — similar in shape to the NDQ vs VGS overlap because both broad global funds have a large US tech weighting. DHHF is a different proposition entirely: it bundles Australian shares, developed-market shares and emerging-market shares into a single multi-asset growth allocation. DHHF is not designed to compete with NDQ on US technology exposure; it is designed to be a complete single-fund growth portfolio. See the BetaShares ETFs Australia guide for the broader range. Past performance is not a reliable indicator of future returns. General information only, not financial advice.
Who holds NDQ?
NDQ is widely held by Australian investors who want a deliberate tilt toward large US non-financial technology and growth companies in their portfolio. It is commonly used as a satellite position alongside a broader core (such as VGS, BGBL or IVV) rather than as a stand-alone international equity allocation, because the same large US technology names already appear in broad global funds, and stacking NDQ on top of those broad funds concentrates exposure to the same companies twice. The ETF Overlap Checker shows the duplicated portion explicitly.
These are observations of how the fund is typically used, not recommendations. The right product for any individual depends on their objectives, financial situation, time horizon, tax position and risk tolerance. ETFLens does not provide financial advice.
Things to consider before investing in NDQ
- Sector concentration: the Nasdaq-100 is heavily weighted to information technology and consumer discretionary. NDQ is not a diversified global fund.
- Single-stock concentration: the top 10 holdings represent approximately 47% of the fund. A material drawdown in one of those names flows through directly.
- Geographic concentration: NDQ is approximately 100% United States. Investors who want geographic diversification within their global allocation will need additional exposure outside NDQ.
- Financials excluded: the Nasdaq-100 explicitly excludes financial-sector companies. Investors who want exposure to large US banks and insurers via index exposure need a different fund such as IVV.
- Currency exposure: NDQ is unhedged. AUD returns move with the AUD/USD exchange rate. Over short periods this can offset or amplify the underlying market move. The hedged equivalent is HNDQ at 0.48% p.a..
- No franking on distributions: distributions are foreign-sourced and not franked. Foreign tax credits may apply depending on individual circumstances. Tax treatment depends on your individual circumstances. Speak with a registered tax adviser.
- Fee compounding: at 0.48% per year, the fee compounds over long horizons. The Fee Calculator shows the dollar gap to a lower-fee global option such as BGBL at 0.08% or VGS at 0.18% over 10, 20 and 30 years.
- Overlap with broad global funds: NDQ holds many of the same large US technology names as VGS, BGBL and IVV. Holding NDQ alongside any of them means paying two fees for partially duplicated exposure. The ETF Overlap Checker shows the duplicated portion.
See the live NDQ holdings, sector exposure and overlap with VGS, BGBL or IVV side by side.
View the NDQ page on ETFLens →The NDQ Product Disclosure Statement (PDS) and Target Market Determination (TMD) are available at betashares.com.au. Reading the PDS before investing is the most direct way to understand exactly what the fund is, how it is structured, and what risks it carries.
General information only. Not financial advice. This article does not consider your personal financial situation, objectives or needs. Past performance is not a reliable indicator of future performance. Fee, fund size, yield and holdings data is reported from fund manager disclosures, reviewed quarterly. Always check the current PDS for the most recent fee and holdings information before investing. Tax treatment depends on your individual circumstances. Foreign-sourced distributions are not franked; foreign tax credits may apply depending on individual circumstances. Speak with a registered tax adviser. ETFLens does not hold an Australian Financial Services Licence. Always read the relevant PDS and TMD and consider seeking advice from a licensed financial adviser (AFS licence holder) before making any investment decisions.